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The Associated General Contractors’ Oregon-Columbia chapter and the State Accident Insurance Fund Corp. (SAIF) announced recently that nearly $8 million in retrospective returns were distributed to more than 600 companies participating in the AGC/SAIF group workers’ compensation program during 2016-17.

That figure amounts to a 22.2 percent return of premiums paid by participating companies during that time period 鈥� a huge savings for a group insurance plan.

The actual total payout, according to AGC’s Oregon-Columbia chapter, will eventually exceed $9.3 million after Oregon Department of Consumer and Business Services and non-disabling claim reimbursement adjustments are made. And combined with an up-front 10 percent premium discount given to participating companies, the combined savings over the past year are as much as 32.2 percent.

The retro return is based on the safety performance of all group members.

From a safety standpoint, this is impressive, said Mike Salsgiver, executive director of the Oregon-Columbia chapter. Additionally, because participants in the AGC/SAIF group program have received a retro return 25 of the past 26 years, premiums have not increased as sharply as they could have.

鈥淭his has been a successful partnership, and our members continue to produce tremendous results,鈥� Salsgiver said in a statement. 鈥淥ur goal is to create safer workplaces, reduce workplace injuries and illnesses, save lives, and save money.鈥�